Profits up: Crest Nicholson are benefiting from booming demand for new homes

Crest Nicholson reported a 32 per cent rise in profits as it became the latest housebuilder to benefit from booming demand for new homes.

The company sold 2,725 new houses last year, an 8 per cent increase on 2014 and nearly double the 1,520 it built in 2011 in the wake of the financial crisis.

Hailing a 26 per cent rise in annual revenues to £804.8million and a 32p jump in profits to £154million, chief executive Stephen Stone said Crest is on target to deliver 4,000 homes in 2019.

With the dividend up 38 per cent to 19.7p, Stone added: ‘I am delighted to report another set of outstanding results for Crest Nicholson, delivering much-wanted new homes for customers and strong returns for shareholders.’